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He said price rises needed to be “legitimate”. He added: “We buy virtually everything for our own label, so there isn’t an ingredient or a commodity out there that we don’t have very good insight into…

“We’re not naive to the fact that there’s inflationary pressure.
“You see it already in some categories. Pork has been affected much sooner than other [foods].”

The value of the pound has fallen by up to 18 per cent against the dollar and euro since the vote to leave the European Union.

This has put pressure on manufacturers to put up prices or find other ways to reduce costs, such as decreasing pack sizes.